The Big Dogecoin Price Prediction For 2023 – Will DOGE Explode?

The Big Dogecoin Price Prediction For 2023 – Will DOGE Explode?

Dogecoin had a highly unstable 2022. Of course, it experienced massive losses as a result of the bear market. Even so, the DOGE’s valuation was able more than double at times. It’s now the fresh year for the most well-known meme coin. What is the Dogecoin price prediction for 2023? Let’s take a look at it in more detail.

How has the Dogecoin price changed in the last year?

The Dogecoin price has dropped dramatically over the last year. This was because of the bear market, which drove the DOGE down significantly, particularly in the first half of the year. In June 2022, the DOGE price fell from USD 0.17 to less than USD 0.054. The drop from its all-time high of $0.74 in spring 2021 was even more intense.

The decline ended in the second half of the year. Conversely, we’ve entered a period of massive swings, which is typical of a meme coin like Dogecoin. The price briefly rose to $0.086 in August. Then, in early November, a massive rally returned the Dogecoin price to $0.14. Within a few days, the price had more than doubled. The fall back to $0.074 caused by the FTX crisis was as quick as the rise. 

The Dogecoin price fell more sharply after rising again at the beginning of December, intensifying the prediction for the end of the year. Last week, the price slipped to $ 0.068. At the time of writing this, the DOGE is trading at $0.07232.

Why has the Dogecoin price fluctuated so dramatically in recent months?

The meme coins are well-known for their high volatility. The DOGE can explode repetitively, particularly in a bull market, but it also experiences sharp price falls shortly afterward. Even in a bear market like 2022, variations are common. However, some positive signals in Dogecoin flouted the bear market trend.

First and probably most important, there was Elon Musk’s conquest of Twitter. Musk is a strong proponent of Dogecoin and has utilized his platform influence to endorse the coin and the Doge meme. This is why Dogecoin climbed so significantly in early November. Because Twitter’s acquisition happened to coincide with a general altcoin rally.

What is the Dogecoin price prediction for 2023?